SFD-Egypt, World Bank, EU to Ink €67mn Finance Deal Thursday

Egypt’s Social Fund for Development (SFD) will sign next Thursday a new finance agreement worth €67 million with the European Union and World Bank, designated for community development and labour-intensive projects.

The new finance deal is a part of SFD’s agreement with the World Bank worth US$200 million signed in 2012 to finance community development projects in Egyptian governorates, the Fund’s Secretary General Hanaa El Hilaly told Amwal Al Ghad.

SFD has also entered negotiations, in cooperation with the International Cooperation Ministry, seeking to get US$50 million loan from the Kuwaiti Fund.

Egyptian Industry and Trade Minister Mounir Fakhry Abdel Nour previously revealed the government’s ongoing talks with the Italian counterparts to get €45 million funding.

Moreover, SFD Egypt had also received a US $200 million finance from the UAE-based Khalifa Fund for Enterprise Development (Khalifa Fund), outlining joint efforts to boost development and opportunities for small and micro sized enterprises in Egypt.